New Delhi, Jan. 31 -- Gaja Capital plans to raise Rs.500-600 crore through an initial public offering, making it the first standalone Indian private equity firm to take to the public markets.

The firm has appointed merchant bankers JM Financial and IIFL Securities for the planned IPO, two people familiar with the matter toldMint, asking to remain anonymous.

The company is expected to file a draft red herring prospectus in the next few months, with the IPO planned by June 2025, one person said. The IPO is likely to be an issue of fresh shares.

A spokesperson for Gaja declined to comment on the matter. Emails sent to IIFL and JM Financial remained unanswered at the time of publication.

Earlier in January, the investment firm converted i...